How Nigerian real estate investors can protect themselves from scams

Nigeria has become infamous for its advanced fee fraud, commonly referred to as “419 scams.” These scams have now evolved into more sophisticated schemes, including real estate scams. In this article, we will discuss the various types of real estate scams prevalent in Nigeria.

1. Fake Property Listings One of the most common real estate scams in Nigeria is fake property listings. Fraudsters create fake advertisements for properties that are either non-existent or already sold. They lure potential buyers by offering attractive prices, and once they receive a down payment or full payment, they disappear, leaving the buyers with nothing.
2. Property Flipping Scams Another popular scam is the property flipping scam. In this scheme, fraudsters purchase a property at a low price and then inflate the price by listing it for sale at an exorbitant price. They may also make superficial renovations to make the property look more attractive. Unsuspecting buyers fall for this scam, thinking they are getting a good deal on a property, but they end up paying far more than the property is worth.
3. Title Document Scams In Nigeria, title documents are an essential requirement when buying or selling a property. Fraudsters exploit this requirement by creating fake title documents that they use to sell properties they do not own. The unsuspecting buyers pay for the property, only to discover later that they have been scammed and have no legal claim to the property.
4. Property Investment Scams Property investment scams are also common in Nigeria. These scams involve fraudsters promising high returns on real estate investments. They often ask for a large sum of money upfront, promising to invest it in lucrative real estate deals. However, once they receive the money, they disappear, leaving the investors with nothing.
5. Advance Fee Scams Advance fee scams are prevalent in Nigeria, and they are also prevalent in real estate transactions. In this scheme, fraudsters ask for an upfront payment to facilitate a real estate transaction, such as a property sale or rental. Once they receive the payment, they disappear, leaving the victim with no property or money.

In conclusion, Nigerian real estate scams are a real threat to potential buyers and investors. It is important to exercise caution when dealing with anyone who promises a good deal on a property or investment. Always verify the authenticity of the property and the seller before making any payment. Additionally, seek legal advice and use reputable real estate agents when buying or selling a property. By taking these precautions, you can protect yourself from falling victim to real estate scams in Nigeria.